Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.030%

Price spread now: Hotstuff against OKX+0.011%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX HYPE-USDT-SWAP	92.672	0.0084	pay 0.0084% / 8h	4h 29m	$113.6M	$304.2M	50x
Short	Hotstuff HYPE-PERP	92.682	−0.0080	pay 0.0010% / 1h	29m 20s	$3K	$331	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against OKX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee OKXbpFee HotstuffbpOrdersPrice spread, now +0.011%Rate

Funding earned: −$34.43
Price spread: +0.011% → 0.000%: $1.08
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$48.35
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 5 min ago; Hotstuff: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy OKX live order book, 5 min ago	0.05 bp	5.2 bp −$5	7.4 bp −$74	17.0 bp −$1,695	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

HYPE on 55 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Arcus HYPE-USD	−0.0948%	1h	92.640	−0.035%	$1.0M	$3.8M	10x	as long as short
Hibachi HYPE/USDT-P	−0.0272%	1h	92.644	−0.030%	$194K	$229K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0201%	1h	92.504	−0.181%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERPshort	−0.0080%	1h	92.682	+0.011%	$3K	$331	25x
Orderly PERP_HYPE_USDC	−0.0066%	4h	92.756	+0.091%	$157K	$666K	20x	as long as short
01 Exchange HYPEUSD	−0.0040%	1h	92.768	+0.104%	$87K	$356K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	92.774	+0.110%	$127K	$31K	5x	as long as short
Perpl HYPE	0.0000%	43m	92.742	+0.076%	$22K	$307K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0002%	1h	92.803	+0.141%	$62K	—	150x	as long as short
Phemex HYPEUSDT	+0.0022%	8h	92.765	+0.100%	$12.5M	$2.7M	50x	as long as short

Show all 55 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps HYPE-USD.P	+0.0023%	1h	92.560	−0.121%	$696K	$1.1M	10x	as long as short
Bullet HYPE-USD	+0.0028%	1h	92.778	+0.114%	$111K	$580K	20x	as long as short
Aster HYPEUSDT	+0.0029%	4h	92.784	+0.121%	$8.7M	$36.3M	300x	as long as short
BingX HYPE-USDT	+0.0036%	4h	92.784	+0.121%	—	$53.4M	—	as long as short
Phoenix HYPE	+0.0043%	1h	92.278	−0.425%	$209K	$1.2M	10x	as long as short
Bybit HYPEUSDT	+0.0053%	8h	92.682	+0.011%	$316.6M	$281.7M	75x	as long as short
Gate HYPE_USDT	+0.0080%	4h	92.764	+0.099%	$44.5M	$55.1M	75x	as long as short
OKX HYPE-USDT-SWAPlong	+0.0084%	8h	92.672	long leg	$113.6M	$304.2M	50x
Paradex HYPE-USD-PERP	+0.0093%	8h	92.777	+0.113%	$340K	$163K	20x	as long as short
Lighter HYPE	+0.0096%	1h	92.754	+0.088%	$16.0M	$62.5M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	92.793	+0.131%	$3.1M	$11.7M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	92.717	+0.049%	$69K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0099%	8h	92.670	−0.002%	$38K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	92.764	+0.100%	$6.5M	$44.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	92.805	+0.143%	$2.02B	$666.4M	10x	as long as short
Pacifica HYPE	+0.0100%	1h	92.759	+0.094%	$10.0M	$15.1M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	92.741	+0.074%	$371.8M	$903.4M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	92.298	−0.403%	$201K	$13K	10x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	92.772	+0.108%	$87.6M	$80.8M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	92.749	+0.083%	$46.0M	$18.3M	75x	as long as short
Bitget HYPEUSDT	+0.0100%	4h	92.763	+0.098%	$224.9M	$98.3M	75x	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	92.752	+0.086%	$7.3M	$10.8M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	92.569	−0.111%	$28.5M	$57.6M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	92.655	−0.018%	$7.5M	$46.3M	10x	as long as short
ApeX Omni HYPEUSDT	+0.0100%	1h	92.436	−0.255%	$338K	$1.0M	50x	as long as short
StandX HYPE-USD	+0.0100%	1h	92.617	−0.059%	$663K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	92.804	+0.142%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	92.763	+0.098%	$465K	$2.6M	20x	as long as short
Bluefin HYPE-PERP	+0.0100%	1h	92.759	+0.094%	$78K	$170K	20x	as long as short
Derive HYPE-PERP	+0.0100%	1h	92.762	+0.097%	$16.1M	$7.5M	10x	as long as short
SunX HYPE-USDT	+0.0100%	4h	92.777	+0.113%	$31K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	92.779	+0.115%	$2.0M	$2.0M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	92.867	+0.210%	$1.4M	$6.2M	75x	as long as short
Extended HYPE-USD	+0.0104%	1h	92.754	+0.089%	$18.1M	$43.5M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	92.775	+0.111%	$392K	$164K	20x	as long as short
edgeX HYPEUSDC	+0.0109%	4h	92.580	−0.100%	$5.0M	$29.7M	30x	as long as short
Injective HYPE/USDC PERP	+0.0150%	1h	93.000	+0.354%	$30K	$339K	12x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0160%	1h	92.740	+0.073%	$4.7M	$5.5M	50x	as long as short
Kalshi KXHYPEPERP	+0.0247%	8h	92.846	+0.188%	$1.8M	$5.4M	2.3x	as long as short
Reya HYPERUSDPERP	+0.0262%	1h	92.770	+0.105%	$79K	$137K	15x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0330% / S −0.0154%	1h	92.784	+0.121%	$1.4M	—	100x	as long as short
Kraken Futures PF_HYPEUSD	+0.0331%	1h	92.847	+0.188%	$20.6M	$30.5M	50x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	92.723	+0.055%	$16.6M	$11.6M	75x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0494%	1h	92.873	+0.217%	$7.5M	$4.5M	50x	as long as short
RISEx HYPE/USDC	+0.0687%	1h	92.782	+0.119%	$3.2M	$6.4M	20x	as long as short